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Stock Market & Financial Investment News

News Breaks
May 28, 2014
08:32 EDTBEE, BXStrategic Hotels to buy remaining interest in Hotel del Coronado for $210M
Strategic Hotels & Resorts announced last night that the company has signed an agreement to acquire the remaining 63.6% ownership interest in the 757-room Hotel del Coronado for $210M. The company currently owns a 36.4% ownership position in the asset through a joint venture with certain affiliates of Blackstone Real Estate Partners VI (BX). The transaction values the asset at a gross value of approximately $787.0M, net of approximately $18.0M of cash currently held at the property and within the joint venture, and includes the assumption of the existing $475.0M mortgage financing. The net purchase price represents a 14.3 times multiple on forecasted 2014 EBITDA and a 6.2% capitalization rate on forecasted 2014 NOI. Management estimates the to-be-acquired 63.6% interest in the hotel is projected to generate an incremental $19M-$21M of EBITDA for the remainder of 2014. In Q1, RevPAR grew 11% at the property resulting in 21% EBITDA growth. The transaction, which is subject to certain closing conditions, is expected to close in the second quarter of 2014.
News For BEE;BX From The Last 14 Days
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August 18, 2014
06:43 EDTBXReport says Blackstone, TPG near Kensington takeover deal, Sky News says
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August 14, 2014
08:38 EDTBXShell to sell Haynesville Assets to Blackstone, Vine Oil & Gas for $1.2B
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08:37 EDTBXShell to sell Haynesville Assets to Blackstone, Vine Oil & Gas for $1.2B
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August 13, 2014
14:57 EDTBXBlackstone could opt to take SeaWorld private again, FT says
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August 10, 2014
15:55 EDTBXBlackstone near to acquiring Shell's stake in Haynesville shale, WSJ says
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August 7, 2014
11:59 EDTBXKKR, Blackstone, TPG to settle LBO collusion lawsuit for $325M, Reuters reports
According to a filing in the U.S. District Court in Boston, KKR (KKR), Blackstone (BX) and TPG Capital have agreed to settle a lawsuit that accused them of LBO collusion, Reuters reports. The private equity firms will pay $325M to settle the suit. Reference Link

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